UBS(US:UBS) 智通财经网·2025-11-13 02:16Group 1 - UBS analysts predict that emerging market stocks may continue to outperform US stocks in the first quarter of next year, but returns will slow down thereafter, with annual gains limited to 7% to 9% [1] - The firm maintains an overweight rating on Chinese stocks, favoring China over India, Indonesia over Thailand, and internet stocks over automotive stocks [1] - The report highlights that emerging markets present multiple opportunities, with China being a key overweight for the second consecutive year due to attractive micro and capital flow conditions [1] Group 2 - UBS expects the MSCI Emerging Markets Index earnings to grow by 18% in 2025, followed by growth of 15% and 10% in the subsequent two years, driven by AI [1] - The valuation is above the 10-year average by 0.7 standard deviations, but visibility on growth and lack of yield resistance should help achieve approximately 8% returns in 2026 [1] - On a macro level, UBS believes that the stability of the US dollar may limit broad positive factors for emerging markets, as the market has almost fully priced in the Federal Reserve's interest rate cuts [2]